BTC_Are the bears about to get burned?
They say a picture is worth a 1000 words... As such, I'm not going to say much. Taking a look at this lovely chart:
1) I'm predicting support in this rectangle (Based on past events) which coincides across the initial bull run and previous bounces.
2) A predicted support area coming up at 5500-6000.
3) Shorts are at an all time high. In fact, way higher than longs, the disparity is huge.
4) RSI , and other indicators are at the dead bottom of oversold.
In conclusion, whenever these conditions are present, a bottom or huge V like pattern has formed. I'm expecting a high chance of reversal in the near future.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
**With that said, one final tidbit... It's highly unlikely right now, but, if BTC should break 5k. RUN!!!
-May BTC reach Mars before Elon Musk